With the price consolidating under the key resistance, ADA may attempt a breakout.
Key Support levels: $0.36, $0.34
Key Resistance levels: $0.38, $0.40
The price has formed a double bottom with good support at 36 cents. As long as this key level holds, bulls have a good chance to take ADA’s price to the resistance at 38 cents. A breakout above it would confirm the end of this correction that started in April.
Trading Volume: The volume continues to be low, and momentum has yet to return for bulls.
RSI: The daily RSI is making higher lows which gives hopes of a reversal soon.
MACD: The daily MACD did a bullish cross today, and if buyers return, it could signal the start of an uptrend.
Bias
The bias for ADA is neutral.
Short-Term Prediction for ADA Price
Cardano is found at a critical moment which will be decisive for the remainder of the month. If buyers manage to return and break the key resistance at 38 cents, then ADA will turn bullish and could visit 40 cents next.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
